Pres­i­dent lays Li­mas­sol Del Mar foun­da­tion stone

Financial Mirror (Cyprus) - - FRONT PAGE -

The foun­da­tion stone of Li­mas­sol Del Mar, the EUR 350 mln land­mark de­vel­op­ment in the coastal town, was un­veiled in the pres­ence of Pres­i­dent Ni­cos Anas­tasi­ades, dig­ni­taries and other busi­ness per­son­al­i­ties.

Fol­low­ing a bless­ing cer­e­mony, Michalis D. Zavos, Chief Ex­ec­u­tive Of­fi­cer of the D. Zavos Group and Di­rec­tor of the Cypeir Prop­er­ties con­sor­tium, re­ferred to the im­por­tance of the gov­ern­ment’s and all po­lit­i­cal par­ties’ con­tri­bu­tion to the project, by bol­ster­ing and restor­ing the Cypriot econ­omy and high­lighted the im­por­tance of joint ven­ture projects for the pro­mo­tion and ex­pan­sion of both Li­mas­sol and the coun­try, in general.

Pan­telis Lep­tos, Deputy Chair­man of the Lep­tos Group and Co-Di­rec­tor of Cypeir Prop­er­ties, said that the en­tire project is a purely Cypriot pri­vate ini­tia­tive and stressed that the close col­lab­o­ra­tion of the two groups high­lights that a small coun­try is ca­pa­ble of de­liv­er­ing large-scale projects. At the same time, Lep­tos em­pha­sised that the project in­creased the prospects for other large in­vest­ments from over­seas, adding that the sales of Phase I are now al­most 100% sold.

The speeches were con­cluded with Pres­i­dent Anas­tasi­ades ex­press­ing his sat­is­fac­tion that the Li­mas­sol Del Mar pro­vides a re­fresh­ing ad­di­tion to the Cypriot econ­omy and at the same time pro­motes the is­land abroad, while at­tract­ing sig­nif­i­cant in­vest­ment and qual­ity tourism.

He praised the spirit of Cypriot en­trepreneurs, say­ing that “so far, this ad­min­is­tra­tion has had as its fore­most con­cern the exit from the eco­nomic cri­sis and the econ­omy’s re­turn to growth.

The gov­ern­ment, he said, “re­mains com­mit­ted to fur­ther en­hanc­ing and shield­ing the econ­omy so that Cyprus can con­tinue on a course of sus­tain­able growth.”

Pres­i­dent Anas­tasi­ades out­lined in de­tail the dif­fer­ent mea­sures the gov­ern­ment took in or­der to boost eco­nomic ac­tiv­ity in the is­land in­clud­ing mea­sures to sim­plify pro­cesses, speed up li­cens­ing pro­cesses of in­vest­ment projects and place for­eign in­vestors and busi­ness peo­ple on a fast track pro­ce­dure to get res­i­dence per­mits.

He also re­ferred to a se­ries of de­ci­sions which mod­ernised the tax frame­work mak­ing it fairer and more com­pet­i­tive, lim­it­ing tax bur­dens and cre­at­ing a busi­ness-friendly en­vi­ron­ment.

Li­mas­sol Del Mar is a mixed use project with un­ob­structed views of the sea from all apart­ments. The 27-storey project con­sists of lux­ury res­i­dences, 5-star fa­cil­i­ties and ser­vices, as well as lux­u­ri­ous shops and restau­rants.

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